US-based Alabama Futures Fund (AFF) has closed a $25m venture capital fund having secured capital from limited partners including insurance provider Protective Life Insurance and construction firm Hoar Construction.
AFF is targeting early-stage startups that are either situated in the state of Alabama or willing to relocate to the area, and will participate in rounds across a wide range of sectors.
The fund is being managed by VC advisory firm Redhawk Advisory and AF intends to back companies raising seed capital with a view to adding series A funding in the next two years.
Carl Thigpen, Protective’s chief investment officer, said: “Protective is proud to be a part of the Alabama Futures Fund. We see this as an investment in the future of Alabama and look forward to seeing how it contributes to the state’s ever-growing business community.”
The fund’s limited partners also include individual investors Raymond Harbert, G. Ruffner Page, Jr, Charles Barkley and Benny LaRussa, Jr. It is yet to disclose any investments.